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Ally Financial Inc. is returning to the residential mortgage market with the launch of Ally Home, which will offer a suite of fixed-rate and adjustable-rate loans for the purchase and refinance markets.
"At Ally, our goal is to 'Do It Right' for our customers, many of who have expressed a desire to deepen their relationships with us through additional products to meet their personal finance needs," said Diane Morais, president and CEO of Ally Bank, the company’s banking subsidiary. "Because a home loan is a cornerstone financial product and the largest market within the consumer lending space, this is a natural next step for Ally."
Ally’s return to the home loan market comes two years after the Treasury Department sold its final stake in the company, which received a $17.2 billion bailout following the 2008 economic crash. At one point, the federal government owned nearly three-quarters of the company, which had put its subprime mortgage business into bankruptcy while refocusing on auto lending. As of Sept. 30, the company had approximately $157.4 billion in assets.